Ken Research Pvt Ltd, having its footprints in India is reducing the geographical distance by serving its expert research reports to clients worldwide. Company has marked itself a distinct publisher by optimally utilizing technology in research space and working on building up unmatched technologically equipped intelligence reports which helps to understand market performance on various parameters.
Market Research Organisations is expected to witness more about Automation, AI and Machine learning in the near future. This industry will witness Block chain entering the lexicon of market research. Block chain term will be first heard in the market research industry in the year 2018. A lot of capital is invested in the block chain business and new businesses are sure to emerge shortly. The need for data privacy is driving interest in block chain and will lead to withdrawal of the middle men in the traditional market research service providers within the industry.
It was observed that market research companies will decide to push a very specific consulting offer. Almost all the clients will need assistance to manage the new fundamental changes while market research industry will become more agile along with ever increasing amounts of data.
Market research industry is very alert and supports the lifecycle of development within the industry. Businesses just don’t need information when a new product is a launched but also after development so that consumer needs are considered in every aspect of new products, services, technology, websites (UX) and marketing campaigns. This trend requires insight along with the development through the use of research and testing iterations. The year 2018 will witness increasing number of companies realise and articulate the need for market research.
Almost all the businesses will ask for speed and the need for speed will increase dramatically from now on. Market research on demand is not just about being fast or more agile but providing the market research data to the population who can make decisions based on it. The next few years we may witness the beginning of a democratisation of the market research industry. This industry will no longer hold its reports from agencies or teams, but by stakeholders themselves.
Clients will increasingly expect to view the outputs of customer feedback and how different data systems are connected and integrated. In trend will challenge the data privacy standards set out by the Research Society. It is expected that research will move into the marketing departments of brands and away from the marketing research organisations due to the rapid growth in big-data analysis. All the consultancies and firms will treat the consumer’s data with respect which is a positive boost for market research. Few areas in the market research industry will be greatly challenged, but others, such as provision, creation of opted-in research communities and panels, will likely flourish.
The overall evolution in the market research industry is a progression towards ‘action -orientated’ research with feedback, analysis and interpretation that is much more closely aligned to business decisions. Market research is becoming much more real-time driven by social media and smart phones. The future market research industry will help people to make decisions. Usually, people are asked to punch in data by asking questions and the way of answering will be slightly different from now on. One can get data through a survey and also through search and as well as social media.
Computer intelligence is advancing rapidly and the market research industry and computers will be twice as intelligent as humans over the coming years. Computers will be able to understand what people think about a brand just by observing them through their online behaviour. At the other end, complicated discreet choice modelling (which needs very good statisticians) is done at the press of a button. Five years from now, the market research industry would increase its spending on better intelligence in order to make smarter and more confident decisions; increase the adoption of automation tools to become more effective and efficient in their jobs; evolution in research departments which look a lot more like strategic planning functions than the marketing research departments; and the industry would focus on qualitative methods (Qual). The future of market research is brighter while the face of disruption requires learning new skills, building influence in the company and embracing new technologies.
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Ankur Gupta, Head Marketing & Communications